Yet to receive widespread media coverage, the area surrounding Balchik and Kavarna is set to experience a boom in the price of residential property over the next few years.

Land prices in the area (an early indicator) have already soared in the last eighteen months as real estate funds and investors have been purchasing land in anticipation of further development.

Just 40 minutes by car from Varna airport, the region benefits from an unspoilt coastline and restrictive building codes. Unlike other regions of the coast, building density and zoning has been much more restrictive and development to date has been negligible.

This combined with the three golf courses and two marinas in the area look set to position the area as the most up-market destination on the Black Sea coast. Ian Woosnam was quoted as saying: "I am extremely excited about this opportunity. Golf is in its early stages of development in Bulgaria and I am very keen to be involved in helping develop the sport in the country. We will create world class facilities that will support the growth of golf in Bulgaria".

Ironically, despite its potential as a more expensive region, property prices currently lag behind other more established destinations. The potential for further capital growth is therefore deemed very favourable. Residential property in new build developments currently starts at just 830 Euro per sqm in favourable locations. This represents a 30-40% discount on comparable property elsewhere on the Black Sea coast.

With the mayors of both Kavarna and Balchik expressing their wishes to turn the area into an up-market region with limited development and the natural topography (rolling cliffs), the supply of new property in the region is set to be kept to a minimum.